BioClinica Acquires Tourtellotte Solutions
Newtown, PA-September 16, 2009
BioClinica, Inc., a global provider of clinical trial services has acquired privately-held Tourtellotte Solutions, Inc. (Tourtellotte), a provider of software and services for the bio-pharmaceutical industry.
Tourtellotte, headquartered in Wayland, MA and with additional operations in Bhubaneswar, India, provides software applications and consulting services which support pharmaceutical development.
BioClinica is purchasing substantially all of the assets of Tourtellotte for $2.1 million in cash at closing plus additional payments based upon achieving certain milestones. If certain predetermined milestones are achieved an additional $3.2M in cash and 350,000 shares of BioClinica common stock can be earned.
Tourtellotte generated approximately $3.9 million in revenue in 2008. BioClinica estimates that Tourtellotte will generate approximately $5.0 million in revenue for the full year 2009 on a stand-alone basis. BioClinica currently estimates that for the remaining three and a half months of 2009, Tourtellotte will contribute approximately $1.2 million in revenue and contribute a small amount of operating income and be EPS neutral. The above unaudited financial information is based upon preliminary estimates, subject to the company’s further review.
“Tourtellotte brings a leading edge technology platform and a proven development and support team to BioClinica. These additions expand the ways in which we can work with our global biopharmaceutical clients to improve the overall clinical trial process,” said Mark Weinstein, President and CEO of BioClinica. “Ed Tourtellotte, President of Tourtellotte Solutions, will be joining BioClinica as Vice President – Product Innovation and he and his team will be part of our eClinical Division, reporting to Peter Benton.”
“When we looked at strategies to rapidly grow and expand the company to meet the demand for our products, joining the BioClinica team was the logical step,” said Ed Tourtellotte, President of Tourtellotte Solutions. “BioClinica has a strong global presence in the market, robust product offerings and great client relationships. Their experienced sales and operations infrastructure will enable the benefits of clinical trial supply optimization and the next generation of IXR to reach more new clients, faster. We look forward to being an integral part of BioClinica’s continued success.”
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